{"id":430291,"date":"2024-10-05T20:30:07","date_gmt":"2024-10-05T15:00:07","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=430291"},"modified":"2024-10-05T15:35:14","modified_gmt":"2024-10-05T10:05:14","slug":"bitcoin-miners-exit-confirm-61k-support-why-this-is-key-for-octobers-rally","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-miners-exit-confirm-61k-support-why-this-is-key-for-octobers-rally\/","title":{"rendered":"Bitcoin miners&#8217; exit confirm $61K support &#8211; Why this is key for October&#8217;s rally"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">Bitcoin miners exiting the cycle may signal a market bottom, paving the way for fresh interest<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">And yet, specific conditions must align for a confirmed bull rally<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">A week of bearish downturn saw <\/span><a href=\"https:\/\/ambcrypto.com\/category\/bitcoin-news\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bitcoin [BTC]<\/span><\/a><span style=\"font-weight: 400;\"> fall below $61k from its previous $65k resistance. However, at press time, optimism seemed to be brewing in the market, with the crypto valued at close to $62k.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The second week of Q4 might see a price correction though, especially as profit-takers cash in on their gains and exit the cycle. Among them are miners who have been capitulating as BTC nears $62K.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, unless the bottom is fully exhausted, it might be hard for bulls to trigger a sustained rally.<\/span><\/p>\n<h2>Miners&#8217; exit may hint at a market bottom<\/h2>\n<p><span style=\"font-weight: 400;\">On the daily price <\/span><a href=\"https:\/\/coinalyze.net\/snapshot\/iuNtgzmW\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">chart<\/span><\/a><span style=\"font-weight: 400;\"> , BTC\u2019s weekly movement mirrored mid-August&#8217;s price action when a rejection near $65k halted a potential bull run.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">During that time, miners exited the cycle after five consecutive days of downward pressure, with their holdings dropping from 1.817M to 1.814M.<\/span><\/p>\n<figure id=\"attachment_430297\" aria-describedby=\"caption-attachment-430297\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Bitcoin-Miner-Reserve-All-Miners.png\"><img decoding=\"async\" class=\"wp-image-430297 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Bitcoin-Miner-Reserve-All-Miners.png\" alt=\"Bitcoin miner reserve\" width=\"2560\" height=\"1440\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Bitcoin-Miner-Reserve-All-Miners.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Bitcoin-Miner-Reserve-All-Miners-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Bitcoin-Miner-Reserve-All-Miners-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Bitcoin-Miner-Reserve-All-Miners-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Bitcoin-Miner-Reserve-All-Miners-1536x864.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Bitcoin-Miner-Reserve-All-Miners-2048x1152.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Bitcoin-Miner-Reserve-All-Miners-1200x675.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-430297\" class=\"wp-caption-text\">Source : CryptoQuant<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">A similar trend was seen recently too. Over the past week, as Bitcoin retraced from $65k to $60k, miner reserves noted a significant decline, dropping from 1.814M\u00a0 to 1.811M at press time.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Typically, the departure of weaker investors often leads to a more stable market, allowing stronger hands to accumulate positions at favorable prices.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If this trend holds, miners breaking even may signal a market bottom. As weak hands exit to lock in profits, it could present <\/span><a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&amp;category=&amp;m=addresses.NewNonZeroCount&amp;s=1725350289&amp;u=1727942289&amp;zoom=30\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">new buyers<\/span><\/a><span style=\"font-weight: 400;\"> with ideal dip-buying opportunities.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, as noted earlier, for a bullish cycle to begin, flipping $61k into support is crucial. While miner exits can help confirm this support, other conditions must also align.<\/span><\/p>\n<h2>LTHs have confidence in Bitcoin bulls<\/h2>\n<p><span style=\"font-weight: 400;\">Unlike miners capitulating to cut their losses before the market dips further, holders with Bitcoin for more than 155 days appear to be selling at profit.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The LTH SOPR recently made a higher high. Historically, such movements have driven positions into FOMO and fueled expectations for future gains in the next cycle.<\/span><\/p>\n<figure id=\"attachment_430294\" aria-describedby=\"caption-attachment-430294\" style=\"width: 1375px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-05-121758.png\"><img decoding=\"async\" class=\"wp-image-430294 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-05-121758.png\" alt=\"BTC LTH SOPR\" width=\"1375\" height=\"637\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-05-121758.png 1375w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-05-121758-300x139.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-05-121758-1024x474.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-05-121758-768x356.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-05-121758-1200x556.png 1200w\" sizes=\"(max-width: 1375px) 100vw, 1375px\" \/><\/a><figcaption id=\"caption-attachment-430294\" class=\"wp-caption-text\">Source : BGeometrics<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">If LTHs avoid panic selling \u2013 which seems likely \u2013\u00a0 a near-term price correction might take hold. This could allow the $61k resistance to flip into support, with bulls then targeting the next resistance at $64k.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In short, Bitcoin&#8217;s drop from $65k to $60k was key in shaking off weak hands, establishing $61k as the next support level.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This decline filtered out less committed investors, allowing stronger holders to <\/span><a href=\"https:\/\/app.intotheblock.com\/coin\/BTC\/deep-dive?group=ownership&amp;chart=concentration\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">accumulate<\/span><\/a><span style=\"font-weight: 400;\"> positions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, while the figures indicated a solid foundation, AMBCrypto investigated further to determine if the recent rally was genuine or just a short squeeze.<\/span><\/p>\n<h2>BTC longs are regaining control<\/h2>\n<p><span style=\"font-weight: 400;\">Over the past four days, long positions have regained dominance in the derivative market, preventing short sellers from effectively shorting Bitcoin.<\/span><\/p>\n<figure id=\"attachment_430295\" aria-describedby=\"caption-attachment-430295\" style=\"width: 1591px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-05-124912.png\"><img decoding=\"async\" class=\"wp-image-430295 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-05-124912.png\" alt=\"long short ratio\" width=\"1591\" height=\"442\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-05-124912.png 1591w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-05-124912-300x83.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-05-124912-1024x284.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-05-124912-768x213.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-05-124912-1536x427.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-05-124912-1200x333.png 1200w\" sizes=\"(max-width: 1591px) 100vw, 1591px\" \/><\/a><figcaption id=\"caption-attachment-430295\" class=\"wp-caption-text\">Source : Coinglass<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">While this is a bullish sign, it also implies that the influx of long positions has put pressure on shorts, leading to significant liquidations.<br \/>\n<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Therefore, this doesn\u2019t entirely rule out a short-squeeze scenario but could serve as an entry point for a bullish reversal, generating excitement among buyers.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read\u00a0<a href=\"https:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\/\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Bitcoin\u2019s [BTC] Price Prediction<\/a>\u00a02024-25<\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Overall, with $61k confirmed as support and renewed optimism from long positions, bulls are likely to hold $62k next, which could lead to a rally towards $64K.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, for this to materialize, closely monitoring short sellers is essential.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Transforming the $61k level into a support zone is vital for triggering a bull rally in Q4.<\/p>\n","protected":false},"author":113,"featured_media":430305,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,66,3,4,20],"tags":[6427,6428],"class_list":["post-430291","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-new-news","category-news","category-social","category-trading-view","tag-ambcrypto","tag-new-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.5 (Yoast SEO v28.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bitcoin miners&#039; exit confirm $61K support - Why this is key for October&#039;s rally - AMBCrypto<\/title>\n<meta name=\"description\" content=\"A week of bearish downturn saw Bitcoin [BTC] fall below $61k from its previous $65k resistance. 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